Reading the Tea Leaves
I’ve been reading the Corner today. Based on this, this, and this, it looks like the Republican Study Committee is going to give up on its unworkable, ideologically blinkered, and foolish plan to deregulate the banking industry and give it a tax break. The RSC, and John McCain, are terrified of being blamed for shutting down the economy. Which could happen as early as Tuesday, as Jonathan Lipson points out in a comment to my earlier post.
My prediction: a bill with an insurance option (presumably priced so that no one will actually buy it) and, possibly, some of the nonsensical transparency solutions thrown into the mix. Passed by Sunday. And then? Full time employment for the administrative law bar.
I’ll be in Toronto for the weekend at CLEA. If I turn out to be wrong about the bailout, maybe I’ll just stay there for the winter. I’ve heard it’s nice.